Monolithic Power Systems Provides Earnings Commentary for the Quarter Ended September 30, 2025
Monolithic Power Systems (NASDAQ:MPWR) reported Q3 2025 revenue of $737.2M, up 10.9% sequentially and 18.9% year‑over‑year. GAAP diluted EPS was $3.71 and non‑GAAP diluted EPS was $4.73. GAAP gross margin was 55.1% and non‑GAAP gross margin was 55.5%. Cash, cash equivalents and short‑term investments totaled $1,269.5M. The company generated operating cash flow of $239.3M and ended the quarter with 48.0M fully diluted shares.
By end market, Automotive revenue rose 36.1% YoY, Storage & Computing rose 29.6% YoY, and Enterprise Data represented 26.0% of revenue. Q4 2025 guidance calls for $730M–$750M revenue with GAAP gross margin 54.9%–55.5% and non‑GAAP gross margin 55.2%–55.8%.
Monolithic Power Systems (NASDAQ:MPWR) ha riportato ricavi Q3 2025 di 737,2 milioni di dollari, in aumento del 10,9% rispetto al trimestre precedente e dell'18,9% su base annua. L’EPS diluito GAAP è stato di 3,71 USD e l’EPS diluito non GAAP è stato di 4,73 USD. Il margine lordo GAAP è stato del 55,1% e il margine lordo non GAAP è stato del 55,5%. Il cash, equivalenti di cassa e investimenti a breve termine ammontavano a 1.269,5 milioni USD. L’azienda ha generato un flusso di cassa operativo di 239,3 milioni USD e ha chiuso il trimestre con 48,0 milioni di azioni totalmente diluite.
Per segmento di mercato, le entrate Automotive sono aumentate del 36,1% YoY, Storage & Computing del 29,6% YoY, e Enterprise Data rappresenta il 26,0% delle entrate. Le previsioni per Q4 2025 indicano ricavi di 730–750 milioni di USD con margine lordo GAAP tra 54,9%–55,5% e margine lordo non GAAP tra 55,2%–55,8%.
Monolithic Power Systems (NASDAQ:MPWR) informó ingresos del tercer trimestre de 2025 de 737,2 millones de USD, un aumento del 10,9% secuencial y 18,9% interanual. El BPA diluido GAAP fue de 3,71 USD y el BPA diluido no GAAP fue de 4,73 USD. El margen bruto GAAP fue del 55,1% y el margen bruto no GAAP fue del 55,5%. El efectivo, equivalentes de efectivo e inversiones a corto plazo totalizaron 1.269,5 millones de USD. La empresa generó un flujo de efectivo operativo de 239,3 millones de USD y terminó el trimestre con 48,0 millones de acciones totalmente diluidas.
Por mercado final, los ingresos de Automotive subieron 36,1% YoY, Storage & Computing 29,6% YoY, y Enterprise Data representó el 26,0% de los ingresos. Las guías para Q4 2025 apuntan a ingresos de 730–750 millones de USD con margen bruto GAAP de 54,9%–55,5% y margen bruto no GAAP de 55,2%–55,8%.
Monolithic Power Systems (NASDAQ:MPWR)가 2025년 3분기 매출 7억 3720만 달러를 보고했고, 전년 동기 대비 18.9%, 직전 분기 대비 10.9% 증가했습니다. GAAP 희석 주당순이익은 3.71달러, 비-GAAP 희석 주당순이익은 4.73달러였습니다. GAAP 총이익률은 55.1%, 비-GAAP 총이익률은 55.5%였습니다. 현금 및 현금성 자산과 단기투자총액은 12억 6,95백만 달러였습니다. 영업현금흐름은 2억 3,93백만 달러를 기록했고, 분기 말에 4,800만 주의 완전 희석 주식을 보유했습니다.
시장별로 Automotive 매출은 연간 대비 36.1%, Storage & Computing은 29.6%, Enterprise Data가 매출의 26.0%를 차지했습니다. 2025년 4분기 가이던스는 매출 7.30억~7.50억 달러, GAAP 총이익률 54.9%~55.5%, 비-GAAP 총이익률 55.2%~55.8%를 제시합니다.
Monolithic Power Systems (NASDAQ:MPWR) a annoncé un chiffre d’affaires T3 2025 de 737,2 millions de dollars, en hausse de 10,9% séquentiellement et de 18,9% sur un an. L’EPS dilué GAAP était de 3,71 USD et l’EPS dilué non GAAP était de 4,73 USD. La marge brute GAAP était de 55,1% et la marge brute non GAAP était de 55,5%. La trésorerie, les équivalents de trésorerie et les investissements à court terme s’élevaient à 1 269,5 millions USD. L’entreprise a généré un flux de trésorerie opérationnel de 239,3 millions USD et a terminé le trimestre avec 48,0 millions d’actions diluées.
Par marché final, les revenus Automotive ont augmenté de 36,1% en YoY, Storage & Computing de 29,6% et Enterprise Data représentaient 26,0% des revenus. Les prévisions pour Q4 2025 indiquent des revenus de 730–750 millions USD avec une marge brute GAAP de 54,9%–55,5% et une marge brute non GAAP de 55,2%–55,8%.
Monolithic Power Systems (NASDAQ:MPWR) meldete für Q3 2025 einen Umsatz von 737,2 Mio. USD, ein Anstieg um 10,9% gegenüber dem Vorquartal und 18,9% gegenüber dem Vorjahr. GAAP-Diluted-EPS betrug 3,71 USD und non-GAAP-Diluted-EPS 4,73 USD. GAAP-Bruttomarge lag bei 55,1% und non-GAAP-Bruttomarge bei 55,5%. Bargeld, Zahlungsmitteläquivalente und kurzfristige Investitionen beliefen sich auf 1.269,5 Mio. USD. Das Unternehmen erwirtschaftete einen operativen Cashflow von 239,3 Mio. USD und schloss das Quartal mit 48,0 Mio. vollständig verwässerten Aktien ab.
Nach Endmärkten stiegen Automotive-Umsätze YoY um 36,1%, Storage & Computing um 29,6%, und Enterprise Data machten 26,0% der Umsätze aus. Die Guidance für Q4 2025 sieht Umsätze von 730–750 Mio. USD vor, GAAP-Bruttomarge 54,9%–55,5% und non-GAAP Bruttomarge 55,2%–55,8%.
Monolithic Power Systems (NASDAQ:MPWR) أعلنت عن إيرادات الربع الثالث من عام 2025 بمقدار 737.2 مليون دولار، بارتفاع قدره 10.9% على أساس فاصل و18.9% على أساس سنوي. بلغ EPS المخفف GAAP 3.71 دولار و<EPS المخفف غير GAAP 4.73 دولار. كان الهامش الإجمالي GAAP ≈ 55.1% والهامش الإجمالي غير GAAP ≈ 55.5%. بلغ النقد وما في حكمه من النقدية والاستثمارات قصيرة الأجل 1,269.5 مليون دولار. حققت الشركة تدفقاً نقدياً تشغيلياً بمقدار 239.3 مليون دولار وأنهت الربع باحتياطي من 48.0 مليون سهم مخفف بالكامل.
على مستوى السوق النهائي، ارتفعت إيرادات Automotive بنسبة 36.1% على أساس سنوي، و Storage & Computing بنسبة 29.6%، و Enterprise Data شكلت 26.0% من الإيرادات. وتشير التوجيهات للربع الرابع من 2025 إلى إيرادات تتراوح بين 730–750 مليون دولار مع هامش إجمالي GAAP بين 54.9%–55.5% وهامش إجمالي غير GAAP بين 55.2%–55.8%.
- Revenue $737.2M, up 18.9% YoY
- Non‑GAAP diluted EPS $4.73, up 16.5% YoY
- Cash and short‑term investments $1,269.5M
- Automotive revenue +36.1% YoY
- Storage & Computing revenue +29.6% YoY
- Internal inventories $505.7M (139 days), higher than Q2 days of 135 on next‑quarter basis
- GAAP operating expenses up 17.6% YoY to $211.0M
- GAAP gross margin down 0.3 pts YoY to 55.1%
Insights
Record Q3 revenue and rising EPS show clear operational momentum, with guidance indicating stability into Q4.
MPS delivered a record quarter of
Key dependencies and risks remain explicit: inventory sits at
Watch the following over the next 1–3 quarters: actual Q4 revenue versus the
Schaffhausen, Switzerland, Oct. 30, 2025 (GLOBE NEWSWIRE) -- MPS reported its results after market close on October 30, 2025 and will host a question-and-answer webinar at 2:00 p.m. PT / 5:00 p.m. ET. The live event will be held via a Zoom webcast, which can be accessed at https://mpsic.zoom.us/j/95600837087.
| Q3 2025 Financial Summary | (Unaudited) | ||||||||
| GAAP | |||||||||
| Q3'25 | Q2'25 | Q3'24 | QoQ Change | YoY Change | |||||
| Revenue ($k) | Up | Up | |||||||
| Gross Margin | Flat | Down 0.3 pts | |||||||
| Opex ($k) | Up | Up | |||||||
| Operating Margin | Up 1.7 pts | Flat | |||||||
| Net income ($k) | Up | Up | |||||||
| Diluted EPS | Up | Up | |||||||
| Non-GAAP | |||||||||
| Q3'25 | Q2'25 | Q3'24 | QoQ Change | YoY Change | |||||
| Revenue ($k) | Up | Up | |||||||
| Gross Margin | Flat | Down 0.3 pts | |||||||
| Opex ($k) | Up | Up | |||||||
| Operating Margin | Up 0.6 pts | Down 0.2 pts | |||||||
| Net income ($k) | Up | Up | |||||||
| Diluted EPS | Up | Up | |||||||
| Tax Rate | Flat | Up 2.5 pts | |||||||
| Revenue by End Market | |||||||||||||||||
| Revenue | YoY Change | % of Revenue | |||||||||||||||
| End Market ($M) | Q3'25 | Q3'24 | $ | % | Q3'25 | Q3'24 | |||||||||||
| Enterprise Data | 26.0 | % | 29.7 | % | |||||||||||||
| Storage & Computing | 186.6 | 144.0 | 42.6 | 25.3 | 23.2 | ||||||||||||
| Automotive | 151.5 | 111.3 | 40.2 | 20.6 | 18.0 | ||||||||||||
| Communications | 79.9 | 71.9 | 8.0 | 10.8 | 11.6 | ||||||||||||
| Consumer | 72.4 | 64.4 | 8.0 | 9.8 | 10.4 | ||||||||||||
| Industrial | 55.3 | 44.0 | 11.3 | 7.5 | 7.1 | ||||||||||||
| Total | 100 | % | 100 | % | |||||||||||||
Ongoing Business Conditions
In the third quarter of 2025, MPS achieved record quarterly revenue of
Our quarterly performance reflected the continued strength of our product portfolio, the resilience of our diversified market strategy, and our relentless customer focus.
Q3 2025 highlights include:
- Our diversified market strategy drove year-over-year revenue growth in all our end markets.
- We continued to expand our automotive customer base with another major Tier 1 supplier adopting MPS for its next generation ADAS solution.
- We had our first design win for a full BMS solution on a robotics platform continuing our shift from chips to solutions.
Overall, we continued to demonstrate our ability to grow and swiftly adapt all aspects of our business to the fluid geopolitical and macro-economic environment.
Our strategy remains unchanged. MPS continues to focus on innovation, solving our customers’ most challenging problems, and maintaining the highest level of quality. We continue to invest in new technology, expand into new markets, and to diversify our end-market applications and global supply chain. This will allow us to capture future growth opportunities, maintain supply stability, and rapidly adapt to market changes as they occur.
“Our results demonstrate our continued success in transforming from a chip-only, semiconductor supplier to a full service, silicon-based solutions provider,” said Michael Hsing, CEO and founder of MPS.
Q3 2025 Revenue Results
MPS reported third quarter revenue of
In our Enterprise Data market, third quarter 2025 revenue of
Third quarter 2025 Consumer revenue of
Third quarter 2025 Industrial revenue of
Third quarter 2025 Communications revenue of
Third quarter Automotive revenue of
Third quarter 2025 Storage and Computing revenue of
Q3 2025 Gross Margin & Operating Income
GAAP gross margin was
Non-GAAP gross margin for the third quarter of 2025 was
Q3 2025 Operating Expenses
Our GAAP operating expenses were
The differences between non-GAAP operating expenses and GAAP operating expenses for the quarters discussed here are primarily stock-based compensation and related expenses and deferred compensation plan expense.
Total stock-based compensation and related expenses, including approximately
The Bottom Line
Third quarter 2025 GAAP net income was
Third quarter 2025 non-GAAP net income was
The third quarter 2025 non-GAAP tax rate of
There were 48 million fully diluted shares outstanding at the end of the third quarter of 2025.
Balance Sheet and Cash Flow
Cash, cash equivalents and short-term investments were
Accounts receivable at the end of the third quarter of 2025 were
Our internal inventories at the end of the third quarter of 2025 were
We continue to manage our internal inventories, balancing the uncertainty in the market with being prepared to capture market upturns as they occur. Comparing current inventory levels using next quarter’s projected revenue, days of inventory at the end of the third quarter of 139 days is 4 days higher than at the end of the second quarter of 2025.
| Selected Balance Sheet and Inventory Data | (Unaudited) | |||
| Q3'25 | Q2'25 | Q3'24 | ||
| Cash, Cash Equivalents, and Short-Term Investments | ||||
| Operating Cash Flow | ||||
| Accounts Receivable | ||||
| Days of Sales Outstanding | 30 Days | 27 Days | 24 Days | |
| Internal Inventories | ||||
| Days of Inventory (current quarter revenue) | 139 Days | 150 Days | 140 Days | |
| Days of Inventory (next quarter revenue) | 139 Days | 135 Days | 139 Days | |
Q4 2025 Business Outlook
For the fourth quarter of 2025 ending December 31, we are forecasting:
- Revenue in the range of
$730 million to$750 million .
- GAAP gross margin in the range of
54.9% to55.5%
- Non-GAAP gross margin in the range of
55.2% to55.8% which excludes the impact from stock-based compensation and related expenses as well as the impact from amortization of acquisition-related intangible assets.
- Total stock-based compensation and related expenses in the range of
$63.2 million to$65.2 million including approximately$1.9 million that would be charged to cost of goods sold.
- GAAP operating expenses between
$206.8 million and$212.8 million .
- Non-GAAP operating expenses in the range of
$145.5 million to$149.5 million . This estimate excludes stock-based compensation and related expenses in the range of$61.3 million to$63.3 million .
- Interest and other income in the range from
$7.4 million to$7.8 million before foreign exchange gains or losses.
- Non-GAAP tax rate of
15% for 2025.
- Fully diluted shares outstanding in the range of 48.5 to 48.9 million shares.
For further information, contact:
Bernie Blegen
Executive Vice President and Chief Financial Officer
Monolithic Power Systems, Inc.
408-826-0777
MPSInvestor.Relations@monolithicpower.com
Safe Harbor Statement
This earnings commentary contains, and statements that will be made during the accompanying webinar will contain, forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, that should not be unduly relied upon, including under the “Q4’25 Business Outlook” section herein, our statement regarding our business focus, our statement regarding the expansion and diversification of our global supply chain, our statement regarding our ability to capture future growth opportunities, maintain supply stability and swiftly adapt to market changes as they occur, our statements regarding our inventory management to capture market upturns and our days of inventory compared to our Q4 2025 projected revenue, and the quote from our CEO and founder, including, among other things, (i) projected revenue, GAAP and non-GAAP gross margin, GAAP and non-GAAP operating expenses, stock-based compensation and related expenses, amortization of acquisition-related intangible assets, other income before foreign exchange gains or losses, and fully diluted shares outstanding, (ii) our outlook for the fourth quarter of fiscal year 2025 and the near-term, medium-term and long-term prospects of MPS, including our ability to adapt to changing market conditions, performance against our business plan, our ability to grow despite the various challenges facing our business, our industry and the global economic environment, revenue growth in certain of our end markets, potential new business segments, our continued investment in research and development (“R&D”), expected revenue growth, customers’ acceptance of our new product offerings, the prospects of our new product development, our expectations regarding market and industry trends and prospects, and our projected expansion of capacity and the impact it may have on our business, (iii) our ability to penetrate new markets and expand our market share, (iv) our ability to reduce our expenses, and (vi) statements regarding the assumptions underlying or relating to any statement described in (i), (ii), (iii), or (iv). These forward-looking statements are not historical facts or guarantees of future performance or events, are based on current expectations, estimates, beliefs, assumptions, goals, and objectives, and involve significant known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from the results expressed by these statements. Readers of this earnings commentary and listeners to the accompanying conference call are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. Factors that could cause actual results to differ include, but are not limited to, continued uncertainties in the global economy, including due to the Russia-Ukraine and Middle East conflicts, global tariffs, export controls and retaliatory measures and announcements regarding same, inflation, consumer sentiment and other factors; adverse events arising from orders or regulations of governmental entities, including such orders or regulations that impact our customers or suppliers, and adoption of new or amended accounting standards; adverse changes in laws and government regulations such as tariffs on imports of foreign goods, export regulations and export classifications, and tax laws (including the H.R.1 Act signed into law on July 4, 2025) or the interpretation of same, including in foreign countries where MPS has offices or operations; the effect of export controls, trade and economic sanctions regulations and other regulatory or contractual limitations on our ability to sell or develop our products in certain foreign markets, particularly in China; our ability to obtain governmental licenses and approvals for international trading activities or technology transfers, including export licenses; acceptance of, or demand for, our products, in particular the new products launched recently, being different than expected; our ability to increase market share in our targeted markets; difficulty in predicting or budgeting for future customer demand and channel inventories, expenses and financial contingencies (including as a result of any continuing impact from the Russia-Ukraine and Middle East conflicts); our ability to efficiently and effectively develop new products and receive a return on our R&D expense investment; our ability to attract new customers and retain existing customers; our ability to meet customer demand for our products due to constraints on our third-party suppliers’ ability to manufacture sufficient quantities of our products or otherwise; our ability to expand manufacturing capacity to support future growth; adverse changes in production and testing efficiency of our products; any political, cultural, military, regulatory, economic, foreign exchange and operational changes in China, where a significant portion of our manufacturing capacity comes from; any market disruptions or interruptions in our schedule of new product development releases; our ability to manage our inventory levels; adequate supply of our products from our third-party manufacturing partners; adverse changes or developments in the semiconductor industry generally, which is cyclical in nature, and our ability to adjust our operations to address such changes or developments; the ongoing consolidation of companies in the semiconductor industry; competition generally and the increasingly competitive nature of our industry; our ability to realize the anticipated benefits of companies and products that MPS acquires, and our ability to effectively and efficiently integrate these acquired companies and products into our operations; the risks, uncertainties and costs of litigation in which MPS is involved; the outcome of any upcoming trials, hearings, motions and appeals; the adverse impact on our financial performance if its tax and litigation provisions are inadequate; our ability to effectively manage our growth and attract and retain qualified personnel; the effect of epidemics and pandemics on the global economy and on our business; the risks associated with the financial market, economy, global tariffs, export controls and retaliatory measures and announcements regarding same, and geopolitical uncertainties, including the Russia-Ukraine and Middle East conflicts; and other important risk factors identified under the caption “Risk Factors” and elsewhere in our Securities and Exchange Commission (“SEC”) filings, including, but not limited to, our Annual Report on Form 10-K filed with the SEC on March 3, 2025. MPS assumes no obligation to update the information in this earnings commentary or in the accompanying webinar.
Non-GAAP Financial Measures
This earnings commentary contains references to certain non-GAAP financial measures. Non-GAAP net income, non-GAAP net income per share, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP other income, net, and non-GAAP income before income taxes differ from net income, net income per share, gross margin, operating expenses, operating income, other income, net, and income before income taxes determined in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). Non-GAAP net income and non-GAAP net income per share exclude the effect of stock-based compensation and related expenses, which include stock-based compensation expense and employer payroll taxes in relation to the stock-based compensation, net deferred compensation plan expense, amortization of acquisition-related intangible assets and related tax effects. Non-GAAP gross margin excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan expense. Non-GAAP operating expenses exclude the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan expense. Non-GAAP operating income excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan expense. Non-GAAP other income, net excludes the effect of deferred compensation plan income. Non-GAAP income before income taxes excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and net deferred compensation plan expense. Projected non-GAAP gross margin excludes the effect of stock-based compensation and related expenses, and amortization of acquisition-related intangible assets. Projected non-GAAP operating expenses exclude the effect of stock-based compensation and related expenses. These non-GAAP financial measures are not prepared in accordance with GAAP and should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. A schedule reconciling non-GAAP financial measures is included at the end of this press release. MPS utilizes both GAAP and non-GAAP financial measures to assess what it believes to be its core operating performance and to evaluate and manage its internal business and assist in making financial operating decisions. MPS believes that the inclusion of non-GAAP financial measures, together with GAAP measures, provides investors with an alternative presentation useful to investors’ understanding of MPS’s core operating results and trends. Additionally, MPS believes that the inclusion of non-GAAP measures, together with GAAP measures, provides investors with an additional dimension of comparability to similar companies. However, investors should be aware that non-GAAP financial measures utilized by other companies are not likely to be comparable in most cases to the non-GAAP financial measures used by MPS. See the GAAP to Non-GAAP reconciliations in the tables set forth below.
| RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME (Unaudited, in thousands, except per share amounts) | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net income | $ | 178,274 | $ | 144,430 | $ | 445,791 | $ | 337,337 | ||||||||
| Adjustments to reconcile net income to non-GAAP net income: | ||||||||||||||||
| Stock-based compensation and related expenses | 60,875 | 52,416 | 174,966 | 156,889 | ||||||||||||
| Amortization of acquisition-related intangible assets | 320 | 320 | 960 | 983 | ||||||||||||
| Deferred compensation plan expense, net | 423 | 141 | 698 | 294 | ||||||||||||
| Tax effect | (12,778 | ) | 1,479 | 692 | (4,149 | ) | ||||||||||
| Non-GAAP net income | $ | 227,114 | $ | 198,786 | $ | 623,107 | $ | 491,354 | ||||||||
| Non-GAAP net income per share: | ||||||||||||||||
| Basic | $ | 4.74 | $ | 4.08 | $ | 13.01 | $ | 10.09 | ||||||||
| Diluted | $ | 4.73 | $ | 4.06 | $ | 12.98 | $ | 10.04 | ||||||||
| Shares used in the calculation of non-GAAP net income per share: | ||||||||||||||||
| Basic | 47,898 | 48,757 | 47,879 | 48,692 | ||||||||||||
| Diluted | 48,042 | 48,964 | 48,022 | 48,945 | ||||||||||||
| RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN (Unaudited, in thousands) | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Gross profit | $ | 406,228 | $ | 343,443 | $ | 1,125,474 | $ | 876,462 | ||||||||
| Gross margin | 55.1 | % | 55.4 | % | 55.2 | % | 55.3 | % | ||||||||
| Adjustments to reconcile gross profit to non-GAAP gross profit: | ||||||||||||||||
| Stock-based compensation and related expenses | 1,917 | 1,695 | 5,538 | 5,230 | ||||||||||||
| Amortization of acquisition-related intangible assets | 287 | 287 | 861 | 884 | ||||||||||||
| Deferred compensation plan expense | 500 | 543 | 942 | 1,083 | ||||||||||||
| Non-GAAP gross profit | $ | 408,932 | $ | 345,968 | $ | 1,132,815 | $ | 883,659 | ||||||||
| Non-GAAP gross margin | 55.5 | % | 55.8 | % | 55.5 | % | 55.7 | % | ||||||||
| RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES (Unaudited, in thousands) | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Total operating expenses | $ | 211,045 | $ | 179,415 | $ | 596,774 | $ | 500,411 | ||||||||
| Adjustments to reconcile total operating expenses to non-GAAP total operating expenses: | ||||||||||||||||
| Stock-based compensation and related expenses | (58,958 | ) | (50,721 | ) | (169,428 | ) | (151,659 | ) | ||||||||
| Amortization of acquisition-related intangible assets | (33 | ) | (33 | ) | (99 | ) | (99 | ) | ||||||||
| Deferred compensation plan expense | (3,715 | ) | (3,492 | ) | (7,778 | ) | (8,391 | ) | ||||||||
| Non-GAAP operating expenses | $ | 148,339 | $ | 125,169 | $ | 419,469 | $ | 340,262 | ||||||||
| RECONCILIATION OF OPERATING INCOME TO NON-GAAP OPERATING INCOME (Unaudited, in thousands) | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Total operating income | $ | 195,183 | $ | 164,028 | $ | 528,700 | $ | 376,051 | ||||||||
| Adjustments to reconcile total operating income to non-GAAP total operating income: | ||||||||||||||||
| Stock-based compensation and related expenses | 60,875 | 52,416 | 174,966 | 156,889 | ||||||||||||
| Amortization of acquisition-related intangible assets | 320 | 320 | 960 | 983 | ||||||||||||
| Deferred compensation plan expense | 4,215 | 4,035 | 8,720 | 9,474 | ||||||||||||
| Non-GAAP operating income | $ | 260,593 | $ | 220,799 | $ | 713,346 | $ | 543,397 | ||||||||
| RECONCILIATION OF OTHER INCOME, NET, TO NON-GAAP OTHER INCOME, NET (Unaudited, in thousands) | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Total other income, net | $ | 10,392 | $ | 10,278 | $ | 27,743 | $ | 27,330 | ||||||||
| Adjustments to reconcile other income, net to non-GAAP other income, net: | ||||||||||||||||
| Deferred compensation plan income | (3,792 | ) | (3,895 | ) | (8,022 | ) | (9,180 | ) | ||||||||
| Non-GAAP other income, net | $ | 6,600 | $ | 6,383 | $ | 19,721 | $ | 18,150 | ||||||||
| RECONCILIATION OF INCOME BEFORE INCOME TAXES TO NON-GAAP INCOME BEFORE INCOME TAXES (Unaudited, in thousands) | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Total income before income taxes | $ | 205,575 | $ | 174,306 | $ | 556,443 | $ | 403,381 | ||||||||
| Adjustments to reconcile income before income taxes to non-GAAP income before income taxes: | ||||||||||||||||
| Stock-based compensation and related expenses | 60,875 | 52,416 | 174,966 | 156,889 | ||||||||||||
| Amortization of acquisition-related intangible assets | 320 | 320 | 960 | 983 | ||||||||||||
| Deferred compensation plan expense, net | 423 | 141 | 698 | 294 | ||||||||||||
| Non-GAAP income before income taxes | $ | 267,193 | $ | 227,183 | $ | 733,067 | $ | 561,547 | ||||||||
| 2025 FOURTH QUARTER OUTLOOK RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN (Unaudited) | ||||||||
| Three Months Ending | ||||||||
| December 31, 2025 | ||||||||
| Low | High | |||||||
| Gross margin | 54.9 | % | 55.5 | % | ||||
| Adjustment to reconcile gross margin to non-GAAP gross margin: | ||||||||
| Stock-based compensation and other expenses | 0.3 | % | 0.3 | % | ||||
| Non-GAAP gross margin | 55.2 | % | 55.8 | % | ||||
| RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES (Unaudited, in thousands) | ||||||||
| Three Months Ending | ||||||||
| December 31, 2025 | ||||||||
| Low | High | |||||||
| Operating expenses | $ | 206,800 | $ | 212,800 | ||||
| Adjustments to reconcile operating expenses to non-GAAP operating expenses: | ||||||||
| Stock-based compensation and other expenses | (61,300 | ) | (63,300 | ) | ||||
| Non-GAAP operating expenses | $ | 145,500 | $ | 149,500 | ||||
FAQ
What were Monolithic Power Systems Q3 2025 revenue and year‑over‑year growth (MPWR)?
What were MPWR's GAAP and non‑GAAP diluted EPS in Q3 2025?
How much cash did Monolithic Power Systems hold at the end of Q3 2025 (MPWR)?
What guidance did MPWR give for Q4 2025 revenue and gross margin?
Which end markets drove MPWR's Q3 2025 growth and by how much?
What working capital trends did MPWR report for Q3 2025?
